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PFFA - Preferreds CEF Sector Update: High And Tight
Virtus InfraCap U.S. Preferred Stock
We take a look at the preferred fund sector and discuss performance, high valuation due to tight credit spreads, and broader trends.
We also discuss the key trend of redemptions and floating-rate resets that are driving CEF incomes lower, eventually likely to lead to broad-based distribution cuts.
We maintain a tripartite allocation stance of higher-yield ETFs such as PFFA, term CEFs such as JPT and actively-managed higher-quality ETFs such as FPE.